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The official gauge of China’s manufacturing activity improved slightly in July but remained in contraction for the fourth straight month, pointing to continued weakness in the world’s second-largest economy.
China’s official manufacturing purchasing managers’ index rose to 49.3 in July from 49.0 in June, the National Bureau of Statistics said Monday. A reading above 50 indicates an expansion in activity while a reading below it indicates a contraction.
The result was above the forecast of 49.0 by a Wall Street Journal poll of economists.
The production subindex fell to 50.2 from 50.3 in June. The index for total new orders rose to 49.5 in July from 48.6 in June, while that for new export orders slid to 46.3 in July from 46.4.
China’s nonmanufacturing PMI, which covers both service sector and construction activity, fell to 51.5 in July from 53.2 in June, the statistics bureau said.
The subindex tracking service activity declined to 51.5 in July from 52.8 in June, while the construction subindex fell to 51.2 in July from 55.7.
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